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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading, with the Nikkei up 1.9 per cent and the Shanghai Composite down 1.2 per cent. Europe is in the red across the board with the exception of Spain, up 0.45 per cent. In the United States, Dow and S&P 500 are basically flat.
- China completed its once-in-a-decade leadership transition by unveiling the members of the Politburo Standing Committee – the seven most powerful men in China. Xi Jinping will serve as the country’s paramount leader, as was widely expected. Everything You Need To Know About China’s New Leader, Xi Jinping >
- A rocket attack emanating from the Gaza Strip that killed three Israelis today will likely provoke harsh retaliation. Yesterday, Israel killed the top Hamas military leader in an air strike, and oil surged when the IDF decided to later conduct additional strikes.
- German GDP rose 0.2 per cent in the third quarter, ahead of expectations of a 0.1 per cent rise, bolstered by gains in exports and consumption. French GDP also rose 0.2 per cent in Q3, beating expectations of a flat reading, on a boost in household spending that economists warn is unsustainable.
- In Spain, GDP contracted 0.3 per cent in Q3, right in line with expectations. Italian GDP contracted 0.2 per cent in Q3, better than the 0.5 per cent decline that was estimated.
- UK retail sales fell in October, down 0.8 per cent versus expectations of a 0.1 per cent decline. The contraction in retail sales marks the fastest rate of decline since April.
- Wal-Mart reported earnings of $1.08 per share, slightly better than the $1.07 estimate, but sales came in at $113.9 billion, below the estimated $114.9 billion. Wal-Mart raised its forward earnings guidance, but not enough to match analysts’ expectations.
- The FHA is expected to report that it needs a bailout sometime this week, according to a WSJ report. The agency, which guarantees fewer mortgages than Fannie Mae and Freddie Mac, is said to have more delinquent mortgages than both. 12 American Cities Where Homeowners Are Drowning In Their Mortgages >
- In the United States, the consumer price index rose 0.1 per cent from last month, right in line with expectations. Weekly initial jobless claims figures came in much higher than expected at 433K versus estimates of 375K, with the effects of Hurricane Sandy lingering.
- The Empire Fed manufacturing survey unexpectedly rose to -5.22 versus estimates of a drop to -7.35, but remains in contraction territory. The Philadelphia Fed manufacturing survey, out at 10 AM, is the final major datapoint of the day. Follow the releases LIVE on Money Game >
- BONUS: Rihanna revealed her perfect date night in an interview.
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